SINGAPORE, 19 MARCH 2015: Risk of fraud remains the biggest payment concern amongst prominent travel agents a poll by eNett International, a leading provider of dedicated B2B travel payment solutions, reveals today.
The poll was carried out by eNett at Travelport’s recent e-volve summit which took place in Cape Town, South Africa. The summit brought together 180 of the leading travel agents and industry players to discuss the latest trends, travel content and future points of sale. During the conference, eNett carried out a series of workshops introducing the benefits of Virtual Account Numbers (VANs) to the attendees.
eNett’s polling results showed 60% of the industry cited fraud as the biggest concern when it comes to payments. This was far and away the biggest issue identified, followed by manual reconciliation (19%) Fees (13%) and supplier default (6%).
Findings also highlighted the lack of awareness around virtual cards, with 62% admitting to having little to no knowledge. This shows the potential impact such payment innovations can have on addressing fraud concerns in South Africa’s travel industry, as well as establishing eNett VANs as a viable and secure alternative to credit card and cash transactions.
eNett's own Virtual Account Numbers have been designed to enable agents to reduce the risk of fraud and maximise protection against supplier default. A VAN is an automatically generated MasterCard number used for supplier payments and can include payment parameters such as amount, currency, date and merchant, making it a more secure way to pay or be paid. Backed by the MasterCard guarantee and generating unique numbers for each transaction, eNett VANs provide protection against fraud and supplier default. Agents can also earn a rebate from the first transaction1, and benefit from automated reconciliation delivering significant efficiency gains.
eNett Managing Director and CEO, Anthony Hynes said, “We believe eNett VANs will solve the security issues faced by South African travel agents when making local or international supplier payments on behalf of their customers. Because a unique MasterCard number is made for each transaction with relevant booking data associated, eNett VANs significantly reduce the risk of fraud because they can only be used once, within the parameters set by the agent.”
Given the country’s payment security concerns, South Africa is a key market for eNett, illustrated by the recent announcement that South African and international travel agents can make payments in South African Rand using eNett VANs. This currency extension means agents of all sizes can make payments to South African suppliers in ZAR. Local agents will be connected to any travel supplier that accepts MasterCard, and enjoy the process efficiencies and lower costs delivered by VANs on an international scale.
1. Terms and conditions apply
About eNett International
eNett International simplifies the complexities of payments by connecting travel industry specialism with payments expertise.
We pioneer innovative B2B payment solutions that reduce risk and facilitate even more travel content, at a lower cost. Easily integrated into existing travel booking workflows, our payment solutions deliver financial, data and efficiency rewards for travel agents and industry suppliers.
Our secure Virtual Account Numbers (VANs) enable travel agencies of all sizes to automatically generate a unique MasterCard number and pay their suppliers from directly within their booking flow. And our exclusive, long-term partnership with MasterCard provides access to the world’s fastest payments processing network and 35.9 million payment locations worldwide, wherever a supplier accepts MasterCard online.
We are majority owned by Travelport, which is listed on the New York Stock Exchange, and our VANs are seamlessly integrated into its Travel Commerce Platform.
Further strengthened by our global banking services partner and shareholder Optal, eNett is building a reputation for trusted and practical B2B payment solutions for the travel industry and beyond.